Monday, October 22, 2007

Chavez kicking the IMF habit

From (which is always hot, all the time) we have Hey Wait If You Just Give Poor People Heating Oil How Will They Learn to Grow it Themselves? But this is really much bigger than the brief post you'll find there. Chavez is seen in the Bronx as a hero of sorts, but the article also says that his citizens at home criticize him for spending money on a city in the richest country in the world (go figure). Yet economist extraordinaire Joseph Stieglitz "...praised the South American country's success at distributing its oil income among citizens" in a recent article entitled Stiglitz, in Venezuela, Pushes Public-Private Balance. Maybe it's time we took Chavez seriously. After all, he has singlehandedly created a separate source for loans to the countries of South America and even elsewhere. And recently he made an amazing statement by pulling out of the IMF entirely. The Guardian reports, Chavez pulls out of IMF and World Bank. I think the ramifications here are immense. Is there any way he could rankle the U.S. government more than this??? I mean, after all, the IMF and World Bank have been frequently criticized for manipulating the economies of South America to the benefit of the United States. Finally these countries have someone else to go to when they are in need, and my understanding is that Chavez has much better loan terms than either the IMF or the World Bank. And news doesn't break any faster than that link.

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